If you take a little extra time when applying and use a 1400 grade paper (available at paint shops not the DIY stores) there should not be any joints visable after a coat or two of quality emulsion.
For a professional finish (my Dad does it this way for a living) 'size' over the joints first with white emulsion and then fill and finely sand with a very fine filler.
Once you have applied the final coat the wall should look like a newly plastered and painted one. Mine do!
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